Artificial intelligence-driven MGU Neptune Flood has completed the nationwide rollout of its coverages after the platform secured sign-off to start providing its residential product in Montana, South Dakota, Utah, Vermont, Wyoming and Washington DC.
The approval of the residential flood product in those five states and Washington DC, Neptune rounds out the MGU’s suite of residential, commercial and Residential Condominium Building Association Policy (RCBAP) offerings.
In addition to finalising the distribution of its coverages across the US, Neptune has also completed the implementation of Poseidon, its proprietary policy management system.
As the MGU explained, Poseidon makes it faster and easier for agents and consumers to update and track their Neptune policies
“This is a big day for Neptune. Not only are we finally able to offer all our products nationwide in under three years from our launch, but we have also proudly completed development of our proprietary tracking engine, Poseidon, a disruptive technology that raises the bar for the Insurtech industry for ease and speed of policy tracking and management.” said Neptune’s president and CEO, Trevor Burgess.
This year has seen Neptune significantly expand the suite of products it offers customers and clients.
As this publication reported back in September, Neptune built out its product suite to include all of the product types currently offered by the National Flood Insurance Program by adding residential condo insurance as well as policies for apartment buildings, co-ops, hotels, motels and inns.
That move expanded the commercial programs offering that has been supported by capacity from Axa XL and Lloyd’s that was launched earlier this summer.
Neptune Flood insurance is available via more than 10,000 insurance agents across the US and the District of Columbia as well as through the MGU’s online platform. The firm now provides flood insurance to over 50,000 homes and businesses across the US.